About 8 years after the privatization legislation passed, the Power Holding Co. of Nigeria has passed into private hands in a $2.5 billion sale, according to reports. The sale is intended to increase electric power reliability in the populous West African nation.
Power Holding Co. of Nigeria is often able to power population centers for only a few hours per day, according to Reuters. The company is composed of a family of some 11 power distribution firms and six power generation companies.
The company is now owned by a conglomerate of ex military leaders and other investors, however “technical partners” will include Manila Electric and Siemens.
According to the Nigerian government, the buyers will take control of the country’s infrastructure in October 2013.
In a separate deal, Nigeria also wants to sell off 10 gas-fired power plants, paid for by the government.
An estimated $40 billion has already been spent on bringing Nigeria’s ailing power grid up to snuff, according to reports.